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The stock market's three-day pullback, which brought the Nasdaq Composite into correction territory, is a welcome development following the major rally in equities from coronavirus lows, strategist Ed Yardeni said Wednesday.
"I've actually been rooting for this market to go sideways for a while. My concern was that we were in the early stages of a melt up, and it could continue. That would set us up for a meltdown, so having these corrections along the way is a healthy thing," Yardeni said on CNBC's "Squawk on the Street."